New Delhi, August 23: With the Indian economy slowing down and value of rupee depreciating against United States dollar, Union Finance Minister Nirmala Sitharaman is all set to address a press briefing at 5 pm on Friday. Sources in the Finance Ministry state that Sitharaman would announce steps to revive economic growth.

Earlier, reports arrived that India slipped to ninth position in the world's fastest economy index and the growth slid to a near five-year low of 5.8 percent. NITI Aayog Vice-Chairman Rajiv Kumar raised concerns on Thursday on the plunging economy of the country. He had stated that the government need to take urgent steps to reverse the situation as the entire financial sector was under threat.

On Friday, the Indian rupee weakened sharply and fell below the 72 marks against the US Dollar in opening trade. Even in the automobile sector, nearly 10 lakh people are on the verge of losing their jobs. Similar is the condition of other firms, who are considering to raise the price of selected products.